New Jersey Budget

CPAs Take Dim View of Governor Murphy's Proposed Budget

Posted: May 29, 2018
Nearly 75 percent of the 786 CPAs who responded to a New Jersey Society of CPAs’ (NJCPA) survey this month said New Jersey’s economy would either get “significantly worse” (31 percent) or “marginally worse” (44 percent) over the long term under Governor Murphy’s proposed budget plan. Only 14 percent said it would end up better.

NJCPA Responds to Governor Murphy’s Proposed FY 2019 Budget

Posted: March 14, 2018
The NJCPA applauds Gov. Murphy for developing a comprehensive budget plan that promotes critical priorities including education, mass transit, workforce development, and public health and safety. But we are concerned that the increased spending and revenue raisers in the Governor’s budget will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business.​

How the State Budget Is Developed and Revenue Estimated

Posted: October 13, 2017
It is important to understand how the entire budget process works — as it is the principal means for developing and presenting the governor’s annual budget and having it approved by the legislature.

On March 13, New Jersey Governor Phil Murphy unveiled his proposed budget for fiscal year 2019.

We welcome your feedback on the budget. 

Budget Highlights

  • Proposed appropriations of $37.4 billion and projected surplus of $743 million
  • Four-year phase-in of a $15 minimum wage, including increase to $11 per hour in fiscal 2019
  • Increase in the Earned Income Tax Credit
  • Creation of a Child and Dependent Care Tax Credit
  • Increase in the property tax deduction from $10,000 to $15,000
  • Creation of a millionaire’s tax
  • Restoration of the sales tax to 7 percent
  • Legalization – and taxation – of recreational marijuana by Jan. 1, 2019

Budget Links